Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View - No information provided 3. Summary by Relevant Catalogs Spot Market - **Australian Mainstream Ore**: Newman powder was priced at 769, down 3 from the previous day and up 11 for the week; PB powder was at 773, down 3 from the previous day and up 9 for the week; Mac powder was at 763, down 2 from the previous day and up 9 for the week; Goldboba powder was at 745, down 4 from the previous day and up 8 for the week; the mixed powder was at 699, down 1 from the previous day and up 5 for the week; Super Special powder was at 648, down 2 from the previous day and up 8 for the week; Carajás powder was at 880, unchanged from the previous day and up 12 for the week [1] - **Brazilian Mainstream Ore**: Brazilian blend was at 812, up 9 from the previous day and up 26 for the week; Brazilian coarse IOC6 was at 763, down 3 from the previous day and up 9 for the week; Brazilian coarse SSFG was at 768, down 3 from the previous day and up 9 for the week [1] - **Other Ores**: Ukrainian concentrate was at 866, down 2 from the previous day and up 15 for the week; 61% Indian powder was at 734, down 4 from the previous day and up 8 for the week; Karara concentrate was at 866, down 2 from the previous day and up 17 for the week; Roy Hill powder was at 743, down 3 from the previous day and up 9 for the week; KUMBA powder was at 833, down 3 from the previous day and up 9 for the week; 57% Indian powder was at 593, down 2 from the previous day and up 8 for the week; Atlas powder was at 694, down 1 from the previous day and up 5 for the week; Tangshan iron concentrate was at 958, up 6 from the previous day and up 31 for the week [1] Futures Market - **DCE Contracts**: i2601 was at 774.5, down 3.0 from the previous day and up 21.0 for the week; i2605 was at 752.5, down 2.0 from the previous day and up 20.5 for the week; i2509 was at 793.0, down 1.5 from the previous day and up 14.0 for the week [1] - **SGX Contracts**: FE01 was at 101.91, down 0.32 from the previous day and up 1.27 for the week; FE05 was at 99.86, down 0.29 from the previous day and up 1.37 for the week; FE09 was at 101.80, down 0.67 from the previous day and up 0.09 for the week [1] Basis/Spread - Information on basis and spread including month - to - month spreads and import profits for different ore types was provided, such as the import profit of Newman powder was - 27.99, PB powder was - 7.07, etc [1]

黑色建材日报 2025-08-08 钢材 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 3231 元/吨, 较上一交易日跌 3 元/吨（-0.09%）。当日注册仓单 93491 吨, 环 比增加 4235 吨。主力合约持仓量为 162.8167 万手，环比减少 24402 手。现货市场方面, 螺纹钢天津汇总 价格为 3320 元/吨, 环比减少 10/吨; 上海汇总价格为 3360 元/吨, 环比减少 10 元/吨。 热轧板卷主力 合约收盘价为 3440 元/吨, 较上一交易日跌 11 元/吨（-0.31%）。 当日注册仓单 70915 吨, 环比减少 0 吨。主力合约持仓量为 142.8587 万手，环比减少 31588 手。 现货方面, 热轧板卷乐从汇总价格为 3470 元/吨, 环比减少 0 元 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - No explicit core view is presented in the given content. It mainly provides a comprehensive set of data on iron ore, including prices, price changes, and related spreads for different varieties, regions, and contracts. 3. Summary by Related Catalog Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 772, down 3 from the previous day and up 3 for the week; PB powder price is 776, down 4 from the previous day and up 4 for the week; Macfarlane powder price is 765, down 2 from the previous day and up 6 for the week; Jinbuba powder price is 749, down 4 from the previous day and up 4 for the week; mainstream mixed powder price is 700, down 2 from the previous day and down 3 for the week; super special powder price is 650, down 2 from the previous day and up 3 for the week; Carajás powder price is 880, down 3 from the previous day and up 6 for the week [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore price is 803, unchanged from the previous day and up 1 for the week; Brazilian coarse IOC6 price is 766, down 4 from the previous day and up 4 for the week; Brazilian coarse SSFG price is 771, down 4 from the previous day and up 4 for the week [1]. - **Other Iron Ores**: Ukrainian concentrate price is 868, down 2 from the previous day and up 8 for the week; 61% Indian powder price is 738, down 4 from the previous day and up 4 for the week; Karara concentrate price is 868, down 1 from the previous day and up 10 for the week; Roy Hill powder price is 746, down 4 from the previous day and up 4 for the week; KUMBA powder price is 836, down 4 from the previous day and up 4 for the week; 57% Indian powder price is 595, down 2 from the previous day and up 3 for the week; Atlas powder price is 695, down 2 from the previous day and down 3 for the week [1]. - **Domestic Iron Ore**: Tangshan iron concentrate price is 952, up 13 from the previous day and up 23 for the week [1]. Futures Market - **Dalian Commodity Exchange Contracts**: i2601 contract price is 777.5, down 0.5 from the previous day and up 11.5 for the week; i2605 contract price is 754.5, unchanged from the previous day and up 9.0 for the week; i2509 contract price is 794.5, down 4.0 from the previous day and up 5.5 for the week [1]. - **New Exchange Contracts**: FE01 contract price is 102.23, up 1.21 from the previous day and up 0.92 for the week; FE05 contract price is 100.15, up 1.25 from the previous day and up 1.09 for the week; FE09 contract price is 102.47, up 0.97 from the previous day and down 0.27 for the week [1]. Price Spreads - **Inter - monthly Spreads**: For i2601, the inter - monthly spread is 17.0, up 0.5 from the previous day and down 10.4 for the week; for i2605, the inter - monthly spread is 23.0, unchanged from the previous day and down 7.9 for the week; for i2509, the inter - monthly spread is - 40.0, up 4.0 from the previous day and down 4.4 for the week [1]. - **Other Spreads**: For FE01, the spread is 0.24, up 1.6 from the previous day and down 0.7 for the week; for FE05, the spread is 2.08, up 1.2 from the previous day and down 4.0 for the week; for FE09, the spread is - 2.32, down 0.5 from the previous day and up 2.0 for the week [1].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Although the short - term market sentiment has improved, the overall fundamentals remain weak, and the futures prices are expected to gradually return to the real - trading logic. The current static fundamental contradictions are not obvious, and the Politburo meeting has no new statements on real estate. It is expected that the policy direction will continue the previous strict control of the incremental situation. Attention should be paid to the actual repair rhythm of terminal demand and the support strength of the cost side to the prices of finished products [3]. - Short - term commodity prices may be adjusted. Iron ore is expected to fluctuate with the prices of downstream products and mainly oscillate. The market divergence remains, and risk control should be noted [6]. - For manganese silicon and ferrosilicon, it is recommended that investment positions be mainly on the sidelines, and hedging positions can participate opportunistically. In the long - term, the demand of the black sector will weaken marginally [9][10]. - For industrial silicon, although the short - term price is repeated, the high - point may have appeared. For polysilicon, the price is in high - level oscillation, and the short - term price may fluctuate widely. Caution is required when participating [15][16]. - For glass, it is expected to oscillate widely in the short - term. In the long - term, if there are substantial policies in real estate, the futures price may continue to rise. For soda ash, it is expected to oscillate in the short - term, and there are still supply - demand contradictions in the long - term. It is recommended to wait for short - selling opportunities in the long - term [18][19]. Summary by Related Catalogs Steel - **Price and Position Data**: The closing price of the rebar main contract was 3234 yuan/ton, up 1 yuan/ton (0.030%) from the previous trading day. The registered warehouse receipts increased by 893 tons to 89256 tons, and the main contract position decreased by 56263 lots to 1.652569 million lots. The closing price of the hot - rolled coil main contract was 3451 yuan/ton, down 6 yuan/ton (- 0.17%) from the previous trading day. The registered warehouse receipts remained unchanged at 55998 tons, and the main contract position decreased by 1559 lots to 1.460175 million lots [2]. - **Market Analysis**: The real - estate policy remains basically unchanged. The export volume has decreased significantly this week. The speculative demand for rebar has decreased, and there is inventory accumulation. The demand for hot - rolled coils has increased slightly, with a rapid increase in production and a small inventory accumulation. The inventory levels of rebar and hot - rolled coils are at a five - year low [3]. Iron Ore - **Price and Position Data**: The main contract (I2509) of iron ore closed at 794.50 yuan/ton, down 0.50% (- 4.00), with a position change of - 26208 lots to 358300 lots. The weighted position was 942500 lots. The spot price of PB powder at Qingdao Port was 776 yuan/wet ton, with a basis of 30.13 yuan/ton and a basis rate of 3.65% [5]. - **Supply - Demand and Inventory Analysis**: Overseas iron ore shipments decreased, with both Australian and Brazilian shipments declining. The shipments from non - mainstream countries increased, and the arrival volume increased. The daily average pig iron output decreased. The port inventory decreased, and the steel mill's imported ore inventory increased slightly. The profitability of steel mills is still at a high level, and the demand support remains [6]. Manganese Silicon and Ferrosilicon - **Price and Position Data**: The main contract of manganese silicon (SM509) closed up 1.30% at 6096 yuan/ton. The spot price in Tianjin was 6000 yuan/ton, up 150 yuan/ton from the previous day, with a basis of 94 yuan/ton. The main contract of ferrosilicon (SF509) closed up 3.36% at 5908 yuan/ton. The spot price in Tianjin was 6050 yuan/ton, up 150 yuan/ton from the previous day, with a basis of 142 yuan/ton [8][9]. - **Fundamental Analysis**: Manganese silicon is in an over - supplied industrial pattern, with marginal weakening of future demand and potential downward adjustment of costs. Ferrosilicon also faces the risk of weakening demand and a significant decline in pig iron output in the future [10]. Industrial Silicon and Polysilicon - **Price and Position Data**: The main contract of industrial silicon (SI2511) closed at 8700 yuan/ton, up 2.47% (+ 210). The weighted contract position increased by 21227 lots to 522034 lots. The main contract of polysilicon (PS2511) closed at 51345 yuan/ton, up 2.02% (+ 1015). The weighted contract position increased by 5970 lots to 387318 lots [13][15]. - **Market Analysis**: For industrial silicon, the supply is in excess, and the effective demand is insufficient. The price may be repeated in the short - term. For polysilicon, the price is affected by the expected capacity integration plan and the enterprise's price - holding strategy, and it is in high - level oscillation. The inventory may accumulate slightly in August [14][16]. Glass and Soda Ash - **Price and Inventory Data**: The spot price of glass in Shahe was 1181 yuan, down 9 yuan from the previous day. The total inventory of national float glass sample enterprises decreased by 239.7 million weight boxes to 5949.9 million weight boxes, a decrease of 3.87% month - on - month and 13.88% year - on - year. The spot price of soda ash was 1320 yuan, up 70 yuan from the previous day. The total inventory of domestic soda ash manufacturers increased by 56000 tons to 1.8518 million tons, an increase of 3.12% [18][19]. - **Market Analysis**: Glass is expected to oscillate widely in the short - term. In the long - term, it depends on real - estate policies. Soda ash is expected to oscillate in the short - term, and there are supply - demand contradictions in the long - term [18][19].

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 8 月 6 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 754.5 | 742.5 | 12.0 | I05-I09 | -44.0 | -48.0 | 4.0 | | I09 | 798.5 | 790.5 | 8.0 | I09-I01 | 20.5 | 24.5 | -4.0 | | I01 | 778.0 | 766.0 | 12.0 | I01-I05 | 23.5 | 23.5 | 0.0 | 图表1：09-01合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） 0 50 100 150 200 01 01 02 03 03 03 04 04 05 05 06 06 07 07 08 08 0 ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Categories Spot Market - Australian mainstream iron ore: Newman powder price is 775 with a daily increase of 8 and a weekly decrease of 3; PB powder price is 780, up 7 daily and down 1 weekly; Macfie powder price is 767, up 5 daily and unchanged weekly; Jinbuba powder price is 753, up 8 daily and down 1 weekly; mainstream mixed powder price is 702, up 5 daily and down 8 weekly; super special powder price is 652, up 6 daily and down 5 weekly; Carajás powder price is 883, up 5 daily and unchanged weekly; Roy Hill powder price is 750, up 7 daily and down 1 weekly; KUMBA powder price is 840, up 7 daily and down 1 weekly [1] - Brazilian mainstream iron ore: Brazilian mixed ore price is 803, up 7 daily and unchanged weekly; Brazilian coarse IOC6 price is 770, up 7 daily and down 1 weekly; Brazilian coarse SSFG price is 775, up 7 daily and down 1 weekly [1] - Other varieties: Ukrainian concentrate price is 870, up 10 daily and 3 weekly; 61% Indian powder price is 742, up 8 daily and down 1 weekly; Karara concentrate price is 869, up 10 daily and 4 weekly; 57% Indian powder price is 597, up 6 daily and down 5 weekly; Atlas powder price is 697, up 5 daily and down 8 weekly; Tangshan iron concentrate price is 939, up 12 daily and 10 weekly [1] Futures Market - Dalian Commodity Exchange contracts: i2601 price is 778.0, up 12.0 daily and 7.5 weekly; i2605 price is 754.5, up 12.0 daily and 5.5 weekly; i2509 price is 798.5, up 8.0 daily and 0.5 weekly [1] - Singapore Exchange contracts: FE01 price is 101.02, up 1.59 daily and 1.80 weekly; FE05 price is 98.90, up 1.48 daily and 1.86 weekly; FE09 price is 101.50, up 1.50 daily and 0.71 weekly [1] Premiums and Spreads - Import profit: Newman powder import profit is -23.81; PB powder import profit is -2.55; Macfie powder import profit is 3.91; Jinbuba powder import profit is 6.75; mainstream mixed powder import profit is -9.01; super special powder import profit is -12.01; Carajás powder import profit is -27.65; Brazilian mixed ore import profit is -15.52; Roy Hill powder import profit is 3.84 [1] - Inter - month spreads: i2601 - i2605 spread is 20.5, down 4.4 daily and 7.5 weekly; i2605 - i2509 spread is 23.5, down 4.4 daily and 5.5 weekly; i2509 - i2601 spread is -44.0, down 0.4 daily and 0.5 weekly [1] - Basis/Internal - external spreads: No specific summarized data provided, only listed in the table [1] - U - ball/pellet premium and PB block/block ore premium: No specific summarized data provided, only shown in the charts [1]

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国铁矿石行业市场全景评估及发展策略分析报告》 根据中国海关数据显示：2025年5月中国铁矿砂及其精矿进口数量为0.98亿吨，同比下降3.7%，进口金 额为94.45亿美元，同比下降14.5%。 数据来源：中国海关，智研咨询整理 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall atmosphere in the commodity market remained weak yesterday, with the prices of finished products showing a weak and volatile trend. Although the short - term market sentiment has improved, the overall fundamentals are still weak, and the futures prices may gradually return to the real - trading logic. The current static fundamental contradictions are not obvious, and the Politburo meeting has no new statements on real estate, so the policy direction is expected to continue the previous strict control of incremental trends. Attention should be paid to the actual repair rhythm of terminal demand and the support strength of the cost side for finished product prices [3]. - The price of iron ore may fluctuate with the prices of downstream products and mainly show a volatile trend. The supply growth is limited, and the port inventory is trending downward. The demand support still exists, but the market divergence remains, and risk control is necessary [6]. - For manganese silicon and ferrosilicon, it is recommended that investment positions mainly adopt a wait - and - see approach, while hedging positions can seize opportunities according to their own situations. In the long - term, both may face the situation of weakening marginal demand [9][10]. - The price of industrial silicon may be weak in the short term, and the price of polysilicon may show a high - level volatile trend. The price increase chain of polysilicon needs to be further observed whether it can be smoothly transmitted to the downstream [14][15]. - The prices of glass and soda ash are expected to be volatile in the short term. For glass, if there are substantial real - estate policies, the futures price may continue to rise; for soda ash, it is recommended to wait and see in the short term and look for short - selling opportunities in the long term [17][18]. Summary According to Relevant Catalogs Steel - **Price and Position Information**: The closing price of the rebar main contract was 3204 yuan/ton, up 1 yuan/ton (0.031%) from the previous trading day. The registered warehouse receipts decreased by 2394 tons, and the main contract positions decreased by 18,068 lots. The spot prices in Tianjin and Shanghai decreased by 20 yuan/ton. The closing price of the hot - rolled coil main contract was 3417 yuan/ton, up 16 yuan/ton (0.470%). The registered warehouse receipts decreased by 1176 tons, and the main contract positions decreased by 17,689 lots. The spot price in Shanghai increased by 20 yuan/ton, while that in Lecong remained unchanged [2]. - **Market Analysis**: The speculative demand for rebar decreased significantly with the price decline, leading to inventory accumulation. The demand for hot - rolled coils increased slightly, the production increased rapidly, and the inventory increased slightly. The current inventory levels of rebar and hot - rolled coils are at the lowest in the past five years [3]. Iron Ore - **Price and Position Information**: The main contract (I2509) of iron ore closed at 798.50 yuan/ton, up 1.01% (+8.00). The positions decreased by 18,144 lots to 384,500 lots. The weighted positions were 945,900 lots. The spot price of PB powder at Qingdao Port was 780 yuan/wet ton, with a basis of 30.53 yuan/ton and a basis rate of 3.68% [5]. - **Supply - Demand and Inventory Situation**: The overseas iron ore shipments decreased month - on - month, with shipments from Australia and Brazil both decreasing. The shipments from non - mainstream countries increased, and the arrivals increased. The daily average pig iron output decreased by 1.52 tons to 240.71 tons. The port inventory decreased month - on - month, and the steel mill's imported ore inventory increased slightly [6]. Manganese Silicon and Ferrosilicon - **Price and Position Information**: On August 5, the main contract of manganese silicon (SM509) rose 0.77% to close at 6018 yuan/ton, and the spot price in Tianjin was 5850 yuan/ton, with a premium of 22 yuan/ton over the futures. The main contract of ferrosilicon (SF509) rose 0.74% to close at 5716 yuan/ton, and the spot price in Tianjin was 5900 yuan/ton, with a premium of 184 yuan/ton over the futures [8][9]. - **Market Analysis**: In the short term, the market sentiment has cooled down, and the prices may fluctuate greatly. In the long - term, both manganese silicon and ferrosilicon may face the situation of weakening marginal demand [10][11]. Industrial Silicon and Polysilicon - **Industrial Silicon**: The closing price of the main contract (SI2511) was 8490 yuan/ton, up 1.43% (+120). The weighted positions decreased by 1174 lots to 500,807 lots. The spot prices of different grades decreased. The price may be weak in the short term, and attention should be paid to the support at 8250 yuan/ton [13]. - **Polysilicon**: The closing price of the main contract (PS2511) was 50,330 yuan/ton, up 2.76% (+1350). The weighted positions increased by 18,874 lots to 381,348 lots. The spot prices remained flat. The price may show a high - level volatile trend, and the support levels are 47,000 and 44,000 yuan/ton [14][15]. Glass and Soda Ash - **Glass**: The spot prices in Shahe remained unchanged, while those in Central China decreased by 30 yuan. The national inventory of float glass decreased. The net short positions decreased. The price may be volatile in the short term, and in the long - term, it depends on real - estate policies and demand [17]. - **Soda Ash**: The spot price increased by 10 yuan. The domestic inventory increased, and the downstream demand was tepid. The production was stable, and the output is expected to increase. The price may be volatile in the short term, and it is recommended to wait and see in the short term and look for short - selling opportunities in the long term [18].

Group 1 - The company has set production targets for iron ore and lithium mica concentrate for 2025, with specific measures in place to ensure these targets are met [1] - For iron ore, the company has developed a production plan at the beginning of the year and is implementing timely maintenance, equipment upgrades, and increased automation to secure production goals [1] - The lithium mines are currently under construction, with the Sichuan Jiada lithium mine expected to achieve sales of by-product raw ore this year [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 767, up 4 daily and 2 weekly; PB powder is 773, up 5 daily and 3 weekly; Macfarlane powder is 762, up 4 daily and 6 weekly; Jinbuba powder is 745, up 5 daily and 1 weekly; mixed powder is 697, up 2 daily and down 5 weekly; super special powder is 646, up 1 daily and down 1 weekly; Carajás powder is 878, up 7 daily and 12 weekly [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder is 796, up 6 daily and 4 weekly; Brazilian coarse IOC6 is 763, up 5 daily and 3 weekly; Brazilian coarse SSFG is 768, up 5 daily and 3 weekly [1] - **Other Iron Ores**: Ukrainian concentrate powder is 860, up 4 daily and 2 weekly; 61% Indian powder is 734, up 5 daily and 1 weekly; Karara concentrate powder is 859, up 4 daily and 4 weekly; Roy Hill powder is 743, up 5 daily and 3 weekly; KUMBA powder is 833, up 5 daily and 3 weekly; 57% Indian powder is 591, up 1 daily and down 11 weekly; Atlas powder is 692, up 2 daily and down 5 weekly; Tangshan iron concentrate powder is 927, unchanged daily and up 4 weekly [1] Futures Market - **DCE Contracts**: i2601 is 766.0, up 9.0 daily and 9.0 weekly; i2605 is 742.5, up 9.0 daily and 4.5 weekly; i2509 is 790.5, up 7.5 daily and 4.5 weekly [1] - **SGX Contracts**: FE01 is 99.43, up 0.54 daily and down 2.10 weekly; FE05 is 97.42, up 0.51 daily and down 1.77 weekly; FE09 is 100.00, up 0.24 daily and down 3.29 weekly [1]